US Housing is unlikely ever to return to 20th century prices. Inflation alone will see to that. The 80k snap-up of the 90s is a bottom-line 195 or 200k house today and there's no way around that. The tirck is going to be to find the job that pays enough to buy a house . . . if buying a house is a wise option.
When you own a house, you own the taxes, the insurance, the mortgage, the incidentals, the repairs, the heating and cooling, the water and gas and electric. Even the sidewalk which the city requires you to maintain and the easement that you have to mow. A 200k house on a "nice" street is going to run you an extra 10k a year in taxes, insurance, maintence, landscaping, along with the unexpected new roof or new rain gutters or new this or new that endlessly. All houses are money pits. Every time you mow the lawn, you miss out on something that could be a whole lot more fun. Maybe renting is a better deal for the next decade.
Shannon
· 1 year ago
Prudent economists have recommended renting as a financially superior plan for a long time, and it appears that that advice is even more revelant today............
paulbe
· 1 year ago
Which means margin calling of people who are repaying their loans, which will compound the foreclosure disaster that is already unfolding. Anger still seems penned up in Blogs.
jr
· 1 year ago
"we'll be raptured before people remember Hoovernomics doesn't work"-repubs
Shannon
· 1 year ago
That was then, this is now Bu$h-0-nomics.....the zero in the middle is what the middle class will be left with when the Repukes are through with us all.
FunMe
· 1 year ago
funny, today my friend and I decided to walk through the neighborhood (houses not apts) in Venice, CA. Really nice area, lots of houses over $1m. We ended up talking to this nice man. We asked him about the neighborhood and he told us who lived where, what renovations were made to various houses, etc.
Then he pointed out one house where a lot of work was done. He said, that was selling for $2.1 million. Now it has been reduced $700K down to $1.6m. (still expensive in my opinion). But it was interesting to see that in every housing price level, the price is going down. Good to hear as I am waiting for prices to go waaaaay down.
therepguy
· 1 year ago
I sure hope older homeowners think long and hard about this number before rushing out and vote for yet another fascist republican, i.e John McCain!
All Comments
http://www.panoramas.dk/2008/flash/Barack-Obama...
http://www.youtube.com/watch?v=faUXYJ1g3og&feat...
When you own a house, you own the taxes, the insurance, the mortgage, the incidentals, the repairs, the heating and cooling, the water and gas and electric. Even the sidewalk which the city requires you to maintain and the easement that you have to mow. A 200k house on a "nice" street is going to run you an extra 10k a year in taxes, insurance, maintence, landscaping, along with the unexpected new roof or new rain gutters or new this or new that endlessly. All houses are money pits. Every time you mow the lawn, you miss out on something that could be a whole lot more fun. Maybe renting is a better deal for the next decade.
Then he pointed out one house where a lot of work was done. He said, that was selling for $2.1 million. Now it has been reduced $700K down to $1.6m. (still expensive in my opinion). But it was interesting to see that in every housing price level, the price is going down. Good to hear as I am waiting for prices to go waaaaay down.